Momentum doesn’t send a warning before it explodes.
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Good morning,
Futures are trying to bounce after gapping down every single session this week. The recoveries keep getting weaker. This is a controlled sell-off... the kind that grinds people out.
Here's what's moving this morning:
Reports hit overnight that Iranian operatives reached out to discuss terms. European natural gas dropped 12% on the headline. Oil's holding around $82. Trump says the Navy will escort tankers through Hormuz and the government will backstop insurance.
Meanwhile... 200 tankers are still stranded outside the strait. Iraq is shutting oil fields because storage is full. South Korea just had its worst session in decades. Gold and silver cratered yesterday as the dollar took over as the safe haven.
All three momentum readings are negative. Russell's at -66. The chart I watch for tech weakness is starting to roll over... and if that follows through, it opens the door for short covering in the beaten-down names.
ADP jobs at 8:15. ISM Services at 10. Broadcom tonight.
Stay positive,
Garrett Baldwin